Sam Kazemian, chief technology officer at Stable, noted PayPal’s decades of experience with peer-to-peer payments and said: “Our teams are aligned on the clear benefits that digital asset implementation can bring for consumers, making them a perfect fit to help us bring about the next true advancement in cross-border transactions.”
In addition to integrating PYUSD into Stablechain, Stable and PayPal will explore providing cross-chain compatibility and onramp/offramp capabilities for the stablecoin as well as future products related to payments and stablecoin utility, according to the release.
“This work with Stable reflects our commitment to expanding PYUSD’s utility across multiple blockchain ecosystems and driving adoption,” David Weber, head of PYUSD ecosystem at PayPal, said in the release. “Stable’s focus on fast, seamless financial transactions using stablecoins removes traditional friction points for users.”
Stable announced July 31 that it raised $28 million in seed funding to build out its blockchain network, hire new workers and increase the distribution of Tether’s USDT stablecoin.
The company said at the time that its Stablechain is designed for “seamless and instant transactions” and that it is entering the market amid rising stablecoin adoption following the passage of the GENIUS Act in the United States.
“Payments infrastructure around the world needs an overhaul, and traditional methods have failed to achieve fast, reliable and secure digital payments despite massive demand from consumers across the globe,” Stable Founder and CEO Joshua Harding said in a July 31 press release.
In the Monday press release announcing PayPal Ventures’ investment in the company, Amman Bhasin, partner at PayPal Ventures, said Stable is “tackling the real frontier for stablecoins, the emerging markets where reliable, dollar-based payments can have the greatest impact.”
“Their strategy of working with trusted distribution partners gives them a unique edge to scale quickly, grow real-world adoption and support the development of novel use cases,” Bhasin said.
